The new trend of domestic substitution, automotive wiring harness is expected to usher in a new development opportunity
Time：2023-02-18 15:13:19
Automotive wiring harness is often compared to the automobile neural network, which connects the automobile electronic and electrical components and provides stable electric energy and signal data. It is an indispensable system-level component of the whole vehicle.
At present, the automotive wiring harness industry is highly concentrated. In 2021, the global automotive wiring harness enterprise CR3 is 71%. At present, the automotive wiring harness market is dominated by foreign companies such as Japan, South Korea, Europe and America. But domestic wiring harness enterprise market share is gradually improving. Vehicle manufacturers have strict certification and evaluation standards for automotive wiring harness suppliers, so the supplier qualification barrier will be formed. Similarly, automobile cable products belong to automobile safety parts, high requirements on performance and reliability, so the threshold of automobile cable products qualification certification is also high.
The new energy vehicle system includes low-voltage wiring harness and high-voltage wiring harness, among which the high-voltage wiring harness system is a brand new system under electrification, replacing the traditional engine wiring harness. From the value of the bicycle, the value of the new energy vehicle harness bicycle is significantly higher than that of the traditional fuel vehicle. The development of automobile intelligence makes the functions of the electronic device in the car increase, thus increasing the amount of wiring harness cable, improve the value; At the same time, the demand for fast and reliable data transmission will drive the consumption of high frequency and high speed wiring harness cable.
It is estimated that the market space of domestic automotive wiring harnesses will reach 113.7 billion yuan by 2025, with an annual compound growth rate of 13% from 2022 to 2025. The market space of automobile cable has reached 28 billion yuan, with an annual compound growth rate of 14% from 2022 to 2025.
In recent years, international automobile manufacturers attach importance to cost control, and domestic autonomous wiring harness enterprises gradually enter the supplier supporting system of international automobile manufacturers. In addition, domestic brands are rising one after another, and self-owned brands have a higher purchase rate of local parts. Supply chain localization of international automobile manufacturers and wiring harness manufacturers, as well as the growth of local wiring harness companies, will also help cable companies achieve domestic substitution.
According to statistics, the following factors are expected to drive the development of domestic suppliers in the future: 1) High-voltage wiring harnesses are new and incremental markets, and the supply system is more open than that of traditional low-voltage wiring harnesses; 2) The rise of downstream independent brands and the supporting domestic supply chain are expected to bring opportunities for local wiring harness enterprises to increase their share; 3) Local wiring harness enterprises have advantages in cost control, localized service and supply stability.
